A spate of corruption scandals linked to last year’s Commonwealth Games in New Delhi and the granting of telecom licences have dented India’s image lately but not its status as a billionaire hotspot. Boosted by an economy that’s growing at 8.6% and a stock market that, despite a recent fall, is up 10% since last year, the nation reported a record 55 billionaires, half a dozen more than it had in 2010.
The combined fortune of India’s wealthiest citizens is $246.5 billion, a good notch above last year’s collective total of $222.1 billion.
Among the top 10 of the world’s wealthiest are 2 Indians and no prizes for guessing who they are. Steel baron Lakshmi Mittal, who lives in London, is the richest Indian at No.6 with a fortune of $31.1 billion. Mittal’s Arcelor reported an 18-fold jump in net profits in 2010 and it has funded the ArcelorMittal Orbit, a sculpture for the 2012 Olympic Games, which will be London’s tallest tower. He is followed by Mukesh Ambani at No.9 whose Reliance Industries recently got BP to invest $7.2 billion in its oil and gas business; his 27-story sky palace in Mumbai has become that city’s landmark although he has still has to move in there with his family. With a net worth of $27 billion, Mukesh and his younger sibling Anil who runs his independent empire, are among the ten Indians who are less well-off this year.
There are eight drop-offs from last year including real estate tycoons Vinod Goenka and Shahid Balwa, partners of UAE’s Etisalat in India, who got linked to the telecom scandal leading to Balwa’s arrest. The stock price of their DB Realty plummeted. There are nearly a dozen newcomers, including energy entrepreneur Ajay Kalsi who lives in London and Aloke Lohia who runs a polyester business out of Thailand. The story of India’s creation of wealth is ongoing.
The combined fortune of India’s wealthiest citizens is $246.5 billion, a good notch above last year’s collective total of $222.1 billion.
Among the top 10 of the world’s wealthiest are 2 Indians and no prizes for guessing who they are. Steel baron Lakshmi Mittal, who lives in London, is the richest Indian at No.6 with a fortune of $31.1 billion. Mittal’s Arcelor reported an 18-fold jump in net profits in 2010 and it has funded the ArcelorMittal Orbit, a sculpture for the 2012 Olympic Games, which will be London’s tallest tower. He is followed by Mukesh Ambani at No.9 whose Reliance Industries recently got BP to invest $7.2 billion in its oil and gas business; his 27-story sky palace in Mumbai has become that city’s landmark although he has still has to move in there with his family. With a net worth of $27 billion, Mukesh and his younger sibling Anil who runs his independent empire, are among the ten Indians who are less well-off this year.
There are eight drop-offs from last year including real estate tycoons Vinod Goenka and Shahid Balwa, partners of UAE’s Etisalat in India, who got linked to the telecom scandal leading to Balwa’s arrest. The stock price of their DB Realty plummeted. There are nearly a dozen newcomers, including energy entrepreneur Ajay Kalsi who lives in London and Aloke Lohia who runs a polyester business out of Thailand. The story of India’s creation of wealth is ongoing.
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